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Cryptocurrency lender Voyager Digital (OTCPK:VYGVQ) reportedly received initial approval from a U.S. bankruptcy judge earlier this week to proceed with its proposed deal to sell about $1B worth of its assets to crypto exchange Binance.US.
During a Tuesday hearing, Michael Wiles, U.S. Bankruptcy Judge for the Southern District of New York, approved disclosure statements regarding Voyager's (OTCPK:VYGVQ) asset purchase deal with Binance.US, though he asked attorney's to revise the proposed order documents before getting the green light, CoinDesk reported.
The asset sale will not become final until another court hearing in the future and until the majority of Voyager's (OTCPK:VYGVQ) creditors approve the deal.
Binance.US won the bidding war for some of Voyager's (OTCPK:VYGVQ) assets on Dec. 19, after Voyager's initial deal to sell itself to now-bankrupt crypto exchange FTX (FTT-USD) fell apart.
"We do not want to delay getting money getting crypto back into our customers hands," said Joshua Sussborg, a Kirkland & Ellis attorney on Voyager's behalf, as quoted by CoinDesk. "Importantly ... we also took a very hard look at a standalone self-liquidation ... the self liquidation auction is not an option that is going to put the most money in our customers pockets."
Last week, (Jan. 5) the U.S. Securities and Exchange Commission made a fuss about the proposed deal, saying Binance.US's disclosure statement failed to include adequate information.